Has been a favourite of his for a while and he has been wrong, but he still feels strongly about this one. The asset they have there is massive. Prairie Sky has a royalty on it and they are finding they are more oily than they originally thought. One of the lowest cash flow multiples he owns. He wants to see 30 or 40 wells drilled before he makes a decision.

Has been a favourite of his for a while and he has been wrong, but he still feels strongly about this one. The asset they have there is massive. Prairie Sky has a royalty on it and they are finding they are more oily than they originally thought. One of the lowest cash flow multiples he owns. He wants to see 30 or 40 wells drilled before he makes a decision.

Pressure on this came with the departure of one of the senior guys that was thought to be the sole driver behind their success in the Stolberg play. He feels they have proven to the market that the people still in this company are capable of delivering results. Also, did a big farm-in with Encana (ECA-T) on PrarieSky (PSK-T), and seems they have the competency to chase a reserve like this. Thinks the market has underestimated the potential of Entice. Feels this is a $5 stock.

Pressure on this came with the departure of one of the senior guys that was thought to be the sole driver behind their success in the Stolberg play. He feels they have proven to the market that the people still in this company are capable of delivering results. Also, did a big farm-in with Encana (ECA-T) on PrarieSky (PSK-T), and seems they have the competency to chase a reserve like this. Thinks the market has underestimated the potential of Entice. Feels this is a $5 stock.

One of the companies that has not participated in the large rally, primarily because some of the key “value finders” they had been using in the foothills, left to form another company. Have some good wells since that management shift. A big unknown is that they did a massive form on Encana (ECA-T) on their 6 Township block just immediately east of Calgary. A large, large block of land that is relatively shallow. They are just starting that first well. Company is trading at a ridiculously low cash flow multiple. Likes the company.

One of the companies that has not participated in the large rally, primarily because some of the key “value finders” they had been using in the foothills, left to form another company. Have some good wells since that management shift. A big unknown is that they did a massive form on Encana (ECA-T) on their 6 Township block just immediately east of Calgary. A large, large block of land that is relatively shallow. They are just starting that first well. Company is trading at a ridiculously low cash flow multiple. Likes the company.

Under a cloud right now. The repeatability of their property where they drive most of the production from has raised concern. Signed a deal with ECA-T to exploit massive amounts of their royalty lands. Likes the company.

Under a cloud right now. The repeatability of their property where they drive most of the production from has raised concern. Signed a deal with ECA-T to exploit massive amounts of their royalty lands. Likes the company.

Had a bit of a stumble last year. COO left, which, in his opinion, was one of the core parts of management. Their operations and production updates have not been stellar. He needs to see 2 or 3 more quarters of this company to see if they can turn around operations and get back on the path they were a year ago. Currently trading at a very cheap multiple.

Had a bit of a stumble last year. COO left, which, in his opinion, was one of the core parts of management. Their operations and production updates have not been stellar. He needs to see 2 or 3 more quarters of this company to see if they can turn around operations and get back on the path they were a year ago. Currently trading at a very cheap multiple.

Not a name that he is comfortable with. Lost their key geological person who took them into the disturbed (???) Foothills trend where they had a remarkable amount of success. Their development inventory in that play is shrinking and they’ve since farmed in on Encana (ECA-T) which presents a whole new element of risks. Stock appears to be cheap on current production but cheap stocks usually are more expensive than you thought because production does not quite grow at the same pace.

Not a name that he is comfortable with. Lost their key geological person who took them into the disturbed (???) Foothills trend where they had a remarkable amount of success. Their development inventory in that play is shrinking and they’ve since farmed in on Encana (ECA-T) which presents a whole new element of risks. Stock appears to be cheap on current production but cheap stocks usually are more expensive than you thought because production does not quite grow at the same pace.

(A Top Pick Jan 2/13. Down 18.53%.) Has liked this for a long time, but they hit a couple of speed bumps along the way. Criticized early on for not having enough depth in their inventory. Have had great success in the deep basin of Stolberg, but investors were at little concerned so the company stepped out and tried a new play concept that didn’t quite work. Also a key technical guy walked away. The Stolberg play is working phenomenally, 20 great wells, all horizontally drilled. Production of the company is over 5000 barrels a day. A new addition is a farm-in that they did with Encana (ECA-T) in west central Alberta which has very multi zone potential. Lots of infrastructure in the region.

(A Top Pick Jan 2/13. Down 18.53%.) Has liked this for a long time, but they hit a couple of speed bumps along the way. Criticized early on for not having enough depth in their inventory. Have had great success in the deep basin of Stolberg, but investors were at little concerned so the company stepped out and tried a new play concept that didn’t quite work. Also a key technical guy walked away. The Stolberg play is working phenomenally, 20 great wells, all horizontally drilled. Production of the company is over 5000 barrels a day. A new addition is a farm-in that they did with Encana (ECA-T) in west central Alberta which has very multi zone potential. Lots of infrastructure in the region.

Working with Encana (ECA-T) on old Canadian Pacific (CP-T) railway lands, which is a perfect fit and size for the type of work they do. The long-term productivity and capital efficiency of these wells are excellent. Long-term growth is tied in very well to this area.

Working with Encana (ECA-T) on old Canadian Pacific (CP-T) railway lands, which is a perfect fit and size for the type of work they do. The long-term productivity and capital efficiency of these wells are excellent. Long-term growth is tied in very well to this area.

Has taken quite a hit over the past few weeks and months, and that is partly due to some personnel changes, and diversifying their portfolio a bit more, which some investors did not approve of. Can see $3-$3.50 for this stock.

Has taken quite a hit over the past few weeks and months, and that is partly due to some personnel changes, and diversifying their portfolio a bit more, which some investors did not approve of. Can see $3-$3.50 for this stock.

Holds this stock in very high regard. The criticism is that it is a one play focus. Thinks this is one of the rising stars. Their new Encana (ECA-T) farm-in play is an absolute incredible opportunity for them. Very confident technical team.

Holds this stock in very high regard. The criticism is that it is a one play focus. Thinks this is one of the rising stars. Their new Encana (ECA-T) farm-in play is an absolute incredible opportunity for them. Very confident technical team.

(Top Pick Apr 16/13, Down 5.15%) Production is going to double this year. They only have one play although they are having great success with it. Now they have found a second one. Market held its breath and first well did not do well. Do not dismiss it. Team came from Talisman. If there is a solution there they will find it. Have a third asset now that they worked with at Talisman. The drop has been a function of ‘show me another play’. Still recommends it.

(Top Pick Apr 16/13, Down 5.15%) Production is going to double this year. They only have one play although they are having great success with it. Now they have found a second one. Market held its breath and first well did not do well. Do not dismiss it. Team came from Talisman. If there is a solution there they will find it. Have a third asset now that they worked with at Talisman. The drop has been a function of ‘show me another play’. Still recommends it.

(A Top Pick Jan 2/13. Down 13.1 %.) Their expertise is in the foothills region of Alberta, which is essentially a deeper basin. 11 for 11 in the significant wells of the Stolberg-Cardium play. Expects the stock will deliver incredible production growth. At the current price, you are essentially paying for the reserve they discovered on 6 of their 7 sections on the Stolberg play. This is just the tip of the iceberg for them. Also, developing other regions as well. $5 target price.

(A Top Pick Jan 2/13. Down 13.1 %.) Their expertise is in the foothills region of Alberta, which is essentially a deeper basin. 11 for 11 in the significant wells of the Stolberg-Cardium play. Expects the stock will deliver incredible production growth. At the current price, you are essentially paying for the reserve they discovered on 6 of their 7 sections on the Stolberg play. This is just the tip of the iceberg for them. Also, developing other regions as well. $5 target price.

Has a lot of respect for the management team, which is all made from Talisman (TLM-T) ex-employees. Have drilled up and down the Western Canadian basin in the 80’s with Talisman. Production has shown great growth over the last 2 years. Expects them to double production from 4200 barrels a day in 2013. Currently focused on a place called Stolberg which looks like it is going to be a low risk, high profit play. Expecting to double production this year. Not expensive and trading at a slight discount to juniors.

Has a lot of respect for the management team, which is all made from Talisman (TLM-T) ex-employees. Have drilled up and down the Western Canadian basin in the 80’s with Talisman. Production has shown great growth over the last 2 years. Expects them to double production from 4200 barrels a day in 2013. Currently focused on a place called Stolberg which looks like it is going to be a low risk, high profit play. Expecting to double production this year. Not expensive and trading at a slight discount to juniors.

Just sold the last of his position. He’ll revisit this one later in the year. Doesn’t think this is a market where small cap companies are going to be in favour. Used to be extraordinarily cheap but that is no longer the case. Also, feels they could be losing their focus.

Just sold the last of his position. He’ll revisit this one later in the year. Doesn’t think this is a market where small cap companies are going to be in favour. Used to be extraordinarily cheap but that is no longer the case. Also, feels they could be losing their focus.

Has had tremendous success at a conventional cardium play in the foothill region of Alberta. On their 5th or 6th well currently. Magnitude of this reservoir is just becoming known. Could conceivably see 10,000 barrels a day in the next 18-24 months. Target price of $5.

Has had tremendous success at a conventional cardium play in the foothill region of Alberta. On their 5th or 6th well currently. Magnitude of this reservoir is just becoming known. Could conceivably see 10,000 barrels a day in the next 18-24 months. Target price of $5.

Trading at 50% of its fair value. Still in early stages although they are currently doing 2000 barrels a day. Have guided to 4000 barrels. Have guided to $48 million of cash flow starting at the end of this year. Trades at about 2X cash flow. Potential to cash flow more than its share price in 3 years.

Trading at 50% of its fair value. Still in early stages although they are currently doing 2000 barrels a day. Have guided to 4000 barrels. Have guided to $48 million of cash flow starting at the end of this year. Trades at about 2X cash flow. Potential to cash flow more than its share price in 3 years.

Foothills of Alberta. Every time they drill a well, they get over 100% rate of return. 2.5x future run rate. Thinks there is a long run rate here. 3400 barrels and land positions to take them to over 10K barrels.

Foothills of Alberta. Every time they drill a well, they get over 100% rate of return. 2.5x future run rate. Thinks there is a long run rate here. 3400 barrels and land positions to take them to over 10K barrels.

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